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$1.9 billion sales revenue; $411 million free cash flow; 1.9x gearing; 4.8¢/share final dividend

Ghana gross production c. 180,000 bopd in 2019; FIDs targeted in East Africa

Three-well Guyana drilling campaign to commence mid-year

Details of a presentation and webcast being held today are available here.


“Tullow has worked hard over the past few years to become a self-funding, cash-generating business with a robust balance sheet, low-cost assets and a rigorous focus on cost and capital discipline. This has allowed us to set a clear capital returns policy which will start with the 2018 final dividend announced today. Our high-margin producing assets in West Africa, substantial development assets in East Africa and exploration licences in industry hotspots provide Tullow with a strong foundation for growth in the years ahead.”

2018 FULL YEAR RESULTS summary

  • Revenue of $1.9 billion; corporate Business Interruption insurance proceeds of $188 million
  • Gross profit of $1.1 billion; profit after tax of $85 million; free cash flow of $411 million; opex reduced to $10/barrel
  • Year-end net debt of $3.1 billion, $1 billion headroom; gearing of 1.9x; no near-term maturities
  • 2018 capital investment of $423 million; 2019 forecast of $570 million
  • Sustainable capital returns policy announced in November; 2018 final recommended dividend of 4.8¢/share (c.$67 million)
  • West Africa 2018 net oil production averaged 88,200 bopd; 2019 forecast 93,000 - 101,000 bopd
  • Principles agreed with Government of Uganda on CGT; completion of farm-down to follow
  • JV Partners targeting Uganda development FID around mid-year; Kenya development targeting end 2019 FID
  • Guyana exploration drilling to commence in mid-2019 with a three-well programme planned

 Open the Full Results Statement